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May 13, 2014

Haredi Rabbi And Son Allegedly Ran $5 Million Ponzi Scheme

Scales_of_justice low res"The plaintiff's money was in fact never used to invest in real estate. Instead the defendants deposited the money into private bank accounts, which they then used for their own personal gain."

 

Haredi Rabbi And Son Allegedly Ran $5 Million Ponzi Scheme
Shmarya Rosenberg • FailedMessiah.com

A haredi rabbi and his son allegedly stole at least $5 million from investors in a Ponzi scheme according to a class action lawsuit in Federal Court.

Zap Cellular Inc., the lead plaintiff in the suit, claims it gave more than $2 million to Rabbi David Cynnamon, his son Aaron Cynnamon, and the rabbi's company, DC Realty based on promises of a 10% to 17% return plus principal, Courthouse News reported.

"The plaintiff's money was in fact never used to invest in real estate. Instead the defendants deposited the money into private bank accounts, which they then used for their own personal gain,” the lawsuit alleges.

Rabbi David Cynnamon taught (and may still teach) for the Yeshiva of Brooklyn.

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They had to put their gemora heads into good use just like the other intense toireh learners ,the knowledge they gained by getting things separated from their righfull owners is invaluable.

Zap Cellular doesn't seem very legit either.

just like the gemara says if u dont teach your child a trade they will end up stealing ...so this rabbi shouldve followed this advice insteadhe and his son ended up stealing what a kidish hashem

david cynnamon and his family are real scam artists. This scam they pulled was actually 10 million dollars plus. Many Jews in brooklyn lost their life savings entrusting in this so called religious guy who plays the part of being a rabbi. May G-d punish him for all his misdeeds and may the families and companies who lost money investing in this "menuval" and family members get repaid ASAP. It's so sad that we have these types of people on our communities.

They are "wealthy successful frum businessmen".

yehuda fulda-

this father DID teach his son his trade.

Mr. Fulda,

I think you should clean up your act before posting comments about situations you obviously have no clue about.

Fulda used to walk in to the area where the woman were nursing their babies and refused to leave.
A Goniff and a Menuval

There's a special place in hell for you Shmaya

You clearly don't know the first thing about this case. It's amazing you couldn't manage to get one fact right

dear chochom from the manishtana,

david cynnamon and his family are real scam artists. This scam they pulled was actually 10 million dollars plus. Many Jews in brooklyn lost their life savings entrusting in this so called religious guy who plays the part of being a rabbi. May G-d punish him for all his misdeeds and may the families and companies who lost money investing in this "menuval" and family members get repaid ASAP. It's so sad that we have these types of people on our communities.

The Tzaddik of Yeshiva of Brooklyn, Rabbi Shlomo Mandel is known to harbor and protect accused pedophiles, and has taken money under the table from many shady characters, one an ex Aguda official scam artist who buys 'cover' from them.

So .. birds of a feather fly together.. the only saving grace is that normal Yeshiva families don't send their kids there; only dubious Russians, etc.

To Mr Fulda as I stated before. You don't know a thing about this case based on the statements you made. In addition your resume isn't so hot either so my point is clean up your filth before you become holier then thou.

http://chaptzem.blogspot.com/2008/07/open-letter-to-chaptzem-readers-jewish.html?m=1

I, like most other Orthodox mothers, nurse my baby. When the mothers are called away from their workouts by the babysitters because their babies are unconsolable, the babies most often need to be nursed, and when you, Yehuda, were politely told by the Hispanic assistant to Tunie (who is the most devoted and caring of babaysitters), that the mothers are not only dressed in their gym attire, but are exposed because they are currently nursing, you chose to ignore her. You can put up as many signs as you want about cameras trained on the women; that's your's to deal with. You knew there were going to be women in a state of undress in the babysitting room tending to their children and you chose to put the electric boxes there anyway. I, for one, was extremely embarrassed when you saw me in that state; I'm also really sorry for you that you were not embarrassed.

I know Rabbi Cynnamon for nearly 10 years. Im not doubting the validity of this report at all , that would be very naive. But there is NO WAY that he did this knowing he was stealing. He is the most real, upstanding, honest person I know , someone who sees only the good in people and makes everyone around him happy. Ive been hearing rumors that he was collecting the money and giving it to someone else to invest, and that other person left him hanging. Usually I am the most cynical person in the world, but in this case hedoes not deserve this .

@MoisheB, take a simple lesson:

The only people who are exceptions to the rule about eyes giving us each away are people we scientifically describe as "sociopathic," meaning they have neither a conscience, nor any particular regard for other humans.

To call Mr. Cynnamon an honest upstanding person who cares about others tells us you have never personally looked into his eyes.

While not denying that he might be sociopathic, it is purely my personal opinion that looking into Mr. Cynnamon's eyes will tell any honest searcher that they are looking into the face of someone who practices to deceive as a lifetime habit.

You cannot begin to guess at the damage done by this... uch... "individual." Some of his victims will never recover from the comprehensive thefts he committed, again and again, and still again, all under the guise of "caring."

This is NOT one of our proudest chapters as Jews. Please remember that sunshine is the greatest disinfectant.

As for the two who engage in ad hominem attacks on Shmarya that have nothing to do with the issues at hand, please remember that sunshine is the best disinfectant.

For me, the only useful disinfectant I see ANYWHERE in the Jewish world... is the blog created and maintained by this semi-saintly man. Rock on, Shmarya, because you are a rock! Thank YOU for keeping me semi-sane.

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